well guys, here goes, i'm new to the forum and ready to jump into the Dubai market
I'm no real estate expert but i've made some good money here in Vancouver, Canada, and now i want to take advantage of Dubai.

Lets gets started:

1) i've got family friends in Dubai, and in particular they're telling me you can still make money in the Dubai Marina, particularly with buildings that are currently under construction and scheduled to be completed June 2009. specificly any Emaar developments (Al Majara, Al Sahab towers etc) thoughts on this? In my opinion, buying near the water is always a good idea, though it seems people on this board think the Marina is overpriced ?


2) i dont really know how the mortgages and such would work as a foreign invester? As a smart invester, i want to leverage myself and let the bank's money make me money. I've got 370,000 AED cash that I can use as a downpayment.
The property price range i'm comfortable with is 1.2 million to 1.7 million AED (slightly more if its a really good deal)


3) i'm open to either buying Pre-Launch, Mid construction phase (secondary market), or completed construction (and then renting it out).
From my experience, pre-launch, or mid construction phase brings you the quickest returns, and right now i'm looking at a 9-12 month time frame.


4) whats the best real estate listings website for the secondary market developments that are not yet completed?

5) rules as a foreign investor. What do i need to worry about as a Canadian purchasing in Dubai? I understand that if i do purchase a condo, I am given residency, true or no?


ok this should get me started, i appreciate your feedback

the best I can suggest for you is to contact go west buyers agents I was once like you and they really help me with choosing the right investment for me to suit my individual needs, they are not real estate agents they are buyer agents and work for buyer to find best deal you should be able to find them in search angine good luck

I am not able to answer all your questions but can certainly assist with the mortgage questions as that is what I do.

As a non-resident you can still obtain a mortgage although the lending ratio will be less than normal. You will not be able to get more than 75% of the property value and often less (depending on the lender).

You should also allow about 5% of the property value for costs.

Most local lenders are not very user friendly to non-residents. It can be a time consuming process and at some point you will need to be here to open bank a bank account and/or sign documents.

You also need to be aware that some developments are more difficult to finance than others. The bigger developers may have 20 banks available while small developers may not have any, and anything in between.

That means you should keep this in mind as you select properties. It is doubly important for non residents because only a handful of banks are useful for non-residents.

From finance perspective, I would recommend you look at the main developers such as Nakheel, Emaar, Dubai Properties and perhaps Union Properties.

I hope this helps.

Jack
Property Finance Link

, I would recommend you look at the main developers such as Nakheel, Emaar, Dubai Properties and perhaps Union Properties.

I hope this helps.

Dear sir
i have contacted Nakheel a zillion time , not one response by phone or mail i got from them , i even called them for I had a card for nakheel with a certain name and asked for her by name and left messages by name and no respond
the nalkheel sales people, have sales assistance that take messages and gives it to the sales people who never answer you
, that is one
second
If you are not living in dubai , you can never make use of the pre launches or launches , they demand that you should be present with your check book and passport copy at hand , what about people who are not living in Dubai?
as for the rest i dont know about them and may be i should try them
please sir
if you have any recommendation to get in touch with nakheel and emmar and do business with them iam open for suggestions
regards

the second one I meant is EMMAR

I think you meant EMAAR not EMMAR

Inv.

Emaar will be launching something soon in Bawadi. Watch out for it. Extremely good investment according to me. the first units in bawadi for sale.

People have been saying since 2005 bubble will burst in Dubai – it hasn’t and won’t on you if you remember a few key points :

* Go for a quality developer and brand which is known, respected and proven (they should already have handed over sucessful projects, as there are lots of small developers offering the world but with nothing to show)

* Try and buy as close to where there is puclic transport

* The location / area the developments are in, and what is surrounding it, is obviously essential

* The developments themselves need to be appealing

* Think of the reason why people will want to live or invest in that area and what sort of investor / renter it will attract

* Most importantly, make sure in-depth due diligence has been carried out

I recommend Jumeirah Village - very central, and the fact that it is next to developments such as Emirates Hills (Dubai's Beverly Hills), Dubailand (the largest leisure development in history), Sports City (the centre of Dubai's Olympic bid) and the incredibly successful neighbouring developments of Jumeirah Park & Emirates Living Community (which have appreciated over 200%) you will get excellent returns

Cheers
Mat

Canadianboy,

The advice from McVelvet is sound and mirrors my sentiments exactly. I have a strong vested interest in property both here and in France. I use a very trustwothy company for the Dubai transactions. If you haven't yet bought anything, let me know and I will pass on the details.

Where is Bawadi ?
and what kind of properties are they offering?